COMPANY REGISTRATION NUMBER:
02682833
Omni Corporate Travel Limited
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Filleted Financial Statements
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Omni Corporate Travel Limited
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Statement of Financial Position
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31 December 2018
Fixed assets
Tangible assets
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5
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27,031
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36,042
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Current assets
Debtors
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6
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238,291
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170,870
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Cash at bank and in hand
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1,541,433
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1,553,129
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------------
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------------
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1,779,724
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1,723,999
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Creditors: amounts falling due within one year
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7
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255,064
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238,063
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------------
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------------
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Net current assets
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1,524,660
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1,485,936
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------------
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------------
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Total assets less current liabilities
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1,551,691
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1,521,978
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Creditors: amounts falling due after more than one year
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8
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–
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2,813
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Provisions
Taxation including deferred tax
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(
241)
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1,060
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------------
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------------
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Net assets
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1,551,932
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1,518,105
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------------
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------------
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Capital and reserves
Called up share capital
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30,000
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30,000
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Profit and loss account
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1,521,932
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1,488,105
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------------
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------------
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Shareholder funds
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1,551,932
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1,518,105
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------------
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
10 June 2019
, and are signed on behalf of the board by:
Company registration number:
02682833
Omni Corporate Travel Limited
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Notes to the Financial Statements
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Year ended 31 December 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 63 Mansell Street, London, E1 8AN.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents revenue earned from services provided during the year, exclusive of Value Added Tax. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
Deferred tax is provided in full on timing differences which result in an obligation at the balance sheet date to pay more tax,or a right to pay less tax, at a future date, at rates expected to apply when they crystallise, based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in taxation computations in periods different from those in which they are included in the financial statements. Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment to sell the asset. Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Plant and machinery
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-
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25% reducing balance
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Motor vehicles
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-
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25% reducing balance
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
9
(2017:
9
).
5.
Tangible assets
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Plant and machinery
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Motor vehicles
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Total
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£
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£
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£
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Cost
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At 1 January 2018 and 31 December 2018
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47,823
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32,900
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80,723
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Depreciation
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At 1 January 2018
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36,456
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8,225
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44,681
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Charge for the year
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2,842
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6,169
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9,011
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--------
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--------
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At 31 December 2018
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39,298
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14,394
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53,692
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Carrying amount
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At 31 December 2018
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8,525
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18,506
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27,031
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--------
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At 31 December 2017
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11,367
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24,675
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36,042
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--------
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6.
Debtors
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2018
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2017
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£
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£
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Trade debtors
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231,707
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163,686
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Other debtors
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6,584
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7,184
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---------
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238,291
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170,870
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---------
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---------
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7.
Creditors:
amounts falling due within one year
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2018
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2017
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£
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£
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Trade creditors
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182,499
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174,125
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Corporation tax
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13,868
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8,767
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Social security and other taxes
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6,311
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6,099
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Other creditors
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52,386
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49,072
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---------
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---------
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255,064
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238,063
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---------
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---------
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8.
Creditors:
amounts falling due after more than one year
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2018
|
2017
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£
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£
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Other creditors
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–
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2,813
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|
----
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-------
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9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
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2018
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2017
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£
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£
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Later than 1 year and not later than 5 years
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21,170
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18,250
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10.
Summary audit opinion
The auditor's report for the year dated 12 June 2019 was unqualified.
The senior statutory auditor was
J B Shea
, for and on behalf of
Shea & Co. Limited
.
11.
Related party transactions
The company was under the control of
V P Tailor
throughout the current and previous year by virtue of holding 100% of issued share capital of the company. V P Tailor
is sole managing director of the company.